legal

the part of life insurance that is guaranteed to be ture
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Terms in this set (33)
the part of life insurance that is guaranteed to be ture
warranty
Exchange of unequal values
Aleatory
When must insurable interest exist for a life insurance contract to be valid?
Inception of the contract
AT WHAT POINT DOES AN INFORMAL AGREEMENT BECOME A BINDING CONTRACTOF THE
When consideration is provided by one of the parties to the contract
WHICH OF THESE IS CONSIDERED A STATEMENT THAT IS ASSURED TO BE TRUE IN EVERY RESPECT.
warranty
WHEN MUST INSURABLE INTEREST BE PRESENT IN ORDER FOR LIFE INSURANCE POLICY TO BE VALID
When the application is made
A LIFE INSURANCE ARRANGEMENT WHICH CIRCUMVENTS STATUTES
INVESTOR ORINGINATE LIFE INSURANCE
Life and health policies are
UNILATERAL CONTRACTS
Taking receipt of premiums and holding them for the insurance company is an example of
Fiduciary responsibility
WHICH OF THE FOLLOWING CONSISTS OF AN OFFER ACCEPTANCE AND CONSIDERATION
contract
Stranger Originated Life Insurance (STOLI) has been found to be in violation of which of the following contractual elements?Legal Purpose (Insurable Interest)WHICH IS THE CONSIERATION GIVEN BY AN INSURER IN THE CONSIDERATION CLAUSE OF THE LIFE POLICYPROMISE TO PAY A DEATH BENEFIT TO NAMED BENEFICIARYIn an insurance contract, the insurer is the only party who makes a legally enforceable promise. What kind of contract is this?unilateralIN REGARDS TO REPRESENTATIONS OR WARRANTIES WHICH IS THESE STATEMENTS IS TRUEIF MATERIAL TO THE RISK FALE REPRESENTATIONS WILL VOID A POLICYA CONSIDERATION CLAUSE OF INSURANCE CONTRACT INCLUDESthe schedule and amount of premium paymentsWHICH OF THESE IS NOT CONSIDERED TO BE AND ELEMENT OF AN INSURANCE CONTRACTNEGOTIATINGIf a contract of adhesion contains questionable language, to whom would the interpretation be in favor of?insuredWHICH OF THESE IS NOT A TYPE OF AGENT AUTHORITYprincipalA CONTRACT WHERE ONE PARTY EITHER ACCEPTS OR REJECTS THE TERMS OF A CONTRACT WRITTEN BY ANOTHER PARTY IS CALLED A CONTRACT OFadhesionINSURANCE POLICIES ARE CONSIDERED ALEATORY CONTRACTS BECAUSEperformance is conditioned upon a future occurrenceALL OF THE FOLLOWING ARE CONSIDERED TO BE TYPICAL CHARACTERISTICS DESCRIBING THE NATURE OF AN INSURANCE CONTRACT EXVEPTBILATERALInsurance contracts are known as ____ because certain future conditions or acts must occur before any claims can be paid.conditionalWhen third-party ownership is involved, applicants who also happen to be the stated primary beneficiary are required to haveinsurable interest in the proposed insuredLIFE INSURANCE POLICY WOULD BE CONSIDERED A WAGERING CONTRACT WITHOUTinsurable interestINSURANCE POLICIES ARE OFFERED ON A TAKE IT OR LEAVE IT BASIS WHICH MAKE THEMContracts of AdhesionA policy of adhesion can only be modified by whom?insurance companyWHICH ONE OF THESE ARRANGMENTS ALLOWS ONE TO BYPASS INSURABLE INTEREST LAWSINVESTORY ORGININATED LIFE INSURANCEWHO MAKES THE LEGALLY ENFORCEABLE PROMISES IN A UNILATERAL INSURANCE POLICYinsurance companySTATEMENTS MADE ON AN INSURANCE APPLICATION THAT ARE BELIEVED TO BE TRUE TO THE BEST OF THE APPLICANTS KNWLEDGE ARE CALLEDREPRESENTATIONSA OLICY FO ADHESION CAN ONLY BE MODIFIED BY WHOMINSURANCE COMPANYOFFER ACCEPTANCE AND CONSIDERATIONCONTRACTWhich of these require an offer, acceptance, and consideration?contractWHICH OF THE FOLLOWING BE DESCRIBES A WARRANTYSTATEMENTS GUARANTEED TO BE TRUE